Indian buyers have brought Asia’s already-slow spot market for liquefied natural gas (LNG) to a virtual halt as they switch to naphtha, an alternative fuel that has tumbled in price in line with oil. For full story, click here
Oil and Natural Gas Corp, India’s largest oil and gas producer, lost over Rs 1,570 crore in revenues on sale of natural gas at price lower than its cost of production during 2007-08. For full story, click here
Gail India has introduced a service charge of Rs 110 per thousand standard cubic metre for distributing gas produced by government-owned companies. For full story, click here
Iran builds up gasoline stocks as prices drop. For full story, click here
Gujarat State Petroleum Corp has raised the capacity of its planned LNG terminal by 30 percent to 6.5 million tonnes a year after a slump in prices of metals used in construction, two company sources said. For full story, click here
UK-listed oil explorer Imperial Energy said its agreed takeover by ONGC was not at risk because shares owned by collapsed investment bank Lehman Brothers would not be tendered for sale. For full story, click here
ONGC Videsh is likely to borrow the equivalent of $ 1 billion in rupees to part-fund the buyout of Imperial Energy. For full story, click here
Imperial Energy, which is in the process of being taken over by ONGC, has not renewed its licence to prospect oil in Kazakhstan. For full story, click here
The government has declined Reliance Petroleum permission to export LPG from its under- construction only-for-exports refinery at Jamnagar in Gujarat, as the nation continues to face deficit in cooking gas production. For full story, click here
State-run Bharat Petroleum on Tuesday said it has entered into an agreement with Airwings Services, part of MoneyGram International, to offer international money transfer service in select retail outlets. For full story, click here
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